Claims

What’s New: In Brief (July 25, 2008)

Stephen J. Mallory has been appointed as a member of the Standards Council of Canada (SCC) by industry minister Jim Prentice, the minister responsible for the SCC. “I am very pleased to welcome Mr. Stephen J. Mallory to the SCC, and we look forward to his contribution to the board,” Prentice said in a release. […]

By Canadian Underwriter | July 25, 2008

1 min read

Claims

Reinsurance renewal rates continue to drop

Property and liability reinsurance renewal rates in 2008 are continuing to decline, according to a Guy Carpenter & Company briefing. For property catastrophe covers, risk-adjusted price dropped between 10% and 20% relative to July 1, 2007, according to Guy Carpenter.The briefing, entitled ‘No Surprises, Rates Continue to Fall P& C Reinsurance Renewals, July 1, 200,’ […]

By Canadian Underwriter | July 23, 2008

2 min read

Claims

Wildfire losses expected to become more frequent

The United States’ past two wildfire seasons have been the most severe on record, and larger fires are expected to be more frequent, A.M. Best notes in a special report.”Annual wildfire catastrophe losses have averaged more than US$1 billion this decade after adjusting for inflation, based on figures from ISO’s Property Claim Services unit,” A.M. […]

By Canadian Underwriter | July 22, 2008

2 min read

Claims

Bertha winds down as Hurricane Elida churns in the Pacific

Hurricane Elida is turning its eye towards Mexico’s west coast while Tropical Storm Bertha crawls towards Bermuda, reports the National Hurricane Center (NHC).Bertha was downgraded from hurricane to tropical storm status on July 13, as its winds had diminished to a sustained 100 km-h, reported the NHC. The storm is passing roughly 40 km north-northeast […]

By Canadian Underwriter | July 14, 2008

2 min read

Scientists a step closer to the possibility of predicting earthquakes

Scientists have measured changes in the speed of seismic waves that preceded two small earthquakes by 10 and two hours, allowing them to further develop a technique to predict future quakes, reports the Carnegie Institution for Science.”Detecting stress changes before an earthquake has been the Holy Grail in earthquake seismology for years and has motivated […]

1 min read

Insured US cat losses in first half of 2008 eclipse 2007 total

Insured catastrophe losses in the United States for the first half of 2008 already exceed the total cat losses for 2007, according to a joint Webinar hosted by the Insurance Information Institute (III) and Munich Re Group.At this rate, 2008 catastrophe losses are on track to overtake catastrophe losses in 2006.Insurance Information Institute data indicate […]

1 min read

Bertha fires opening shot of 2008 hurricane season

Hurricane Bertha, the first hurricane of the Atlantic season, is also the first storm in recorded history to develop so far east so early in the season, according to Storm Exchange Inc., a firm specializing in weather-related risk management.Bertha was upgraded to hurricane status on July 7, when its centre was located roughly 1,250 kilometres […]

1 min read

Quebec storms cost more than Cdn$56 million

Insurers expect to pay more than Cdn$56 million to customers after storms swept through parts of Quebec on June 10, according to a survey by the Insurance Bureau of Canada. To date, more than 6,000 claims for damages to residence and personal property and 10,000 automobile claims have been filed due to the Quebec storms, […]

1 min read

What’s New: In Brief (June 25, 2008)

More than 3,000 people are injured and 116 people are killed, on average, in nearly 5,000 alcohol-related crashed in British Columbia each year, according to ICBC. The public auto insurer says these stats translate into more than Cdn$140 million in claims costs each year. ICBC says its Drinking Driving CounterAttack initiative has helped reduce the […]

1 min read

Complexity of emerging risks outstripping cat models’ capacity to forecast losses

Traditional modelling techniques will not work for emerging risks, Oxford University researcher Peter Taylor told delegates at a seminar in London, England, entitled “Catastrophe Modelling from a European Perspective.”The Reinsurance Association of America and the International Underwriting Association (IUA) of London jointly organized the seminar.Taylor’s presentation asked whether traditional cat modelling is up to the […]

2 min read